Shortly following the monumental changes to their governmental systems and economies, countries in Central & Eastern Europe did see their wages grow steadily – but over 30 years later it is apparent that average employee pay in the region can still be even half of that seen in the West of
Romania’s economy will grow by 6% this year, fully reversing the 3.9% contraction caused by the COVID-19 pandemic last year, according to an updated Global Economic Prospects published by the World Bank. The global outlook remains subject to significant downside risks, including the possibility of additional COVID-19 waves
The United States has imposed sanctions on three Bulgarians and 64 companies linked to them, over their alleged corrupt activities. The three businessmen are former lawmaker and media mogul Delyan Peevski, government official Ilko Zhelyazkov and fugitive gambling tycoon Vassil Bozhko. Those blacklisted are banned from the US financial system,
A key element of the “Green Deal,” on 10 June EU environmental ministers meeting for the last occasion of Portugal’s EU presidency approved a strategy for adaptation to climate change. Some of the aims of the adaptation strategy, according to Portugal’s minister of environment and climate action, João
Poland says that closing down its open-pit brown coal mine in Turow would be an “energy disaster.” Even so, the European Commission is lining up behind the Czech Republic in an ongoing fight with its neighbor against the expansion of the mine, which is run by Poland’s state-run company
Europe looks to return to normal as the first major international sport event, the UEFA 2020 football championship, is about to kick off this Friday, 11 June. While the continent’s ailing tourism sector is expecting some kind of boost, one wonders whether it is not too early to open
Hungary’s OTP Bank has acquired a 100% stake in Slovenia’s Nova KBM after signing a purchase agreement with former shareholders of Apollo Global Management (former 80% owner) and the European Bank For Reconstruction and Development (20% owner). The deal is the most significant acquisition in the history of
As in most countries in Central & Eastern Europe (CEE), the competitiveness of the Hungarian economy heavily depends on car production. In recent years, however, the sector has had to face challenges like the potentially growing market of electric cars, as well as the COVID-19 pandemic. New European climate and
EU member states have approved a EUR 17.5 billion fund which aims to help some countries wean themselves from polluting industries like coal mining and others with high emissions, moving them towards green industries in the push to achieve net zero GHG emissions. The so-called Just Transition Fund (“JTF”
Several European “green” initiatives have provoked resentment in Hungarian government circles. The outrage is mainly due to the European Parliament having failed to endorse a European Council proposal on a reform of the Common Agricultural Policy (CAP) for the period 2023-2027. The debate is over the greening of direct payments
In a global effort against “tax avoidance,” finance ministers from the G7 countries meeting in London last weekend have agreed on overarching rules that will oblige multinational corporations to pay a greater share of their global tax obligations. As part of their deal, the G7, a grouping of some of
Slovakia has been a great beneficiary of automotive industry expansion in recent decades. However, its high exposure to the global car market, and the ongoing far-reaching transformation of the industry may endanger the country’s outlook in this regard and reveal weaknesses in Slovakia’s economic growth model. “This is
This week, Romania announced that it was ditching coal, thus joining the majority of EU member states that have made a pledge to phase out their coal industries. Romania’s plan sees a total coal phase-out by 2032. In the meantime, in 2022 the country will come up with legislation
A so-called “digital identity wallet,” which would grant access for all European citizens to public and private services through their mobile phones, was proposed by the European Commission on Thursday. The EU body argues the COVID-19 pandemic showed the need for more user-friendly online services. Via the proposal, the Union
One of the biggest car manufacturers of the world, the Czech Republic has a lot to lose if it does not adapt to the fundamental changes of the auto industry. But the country is confident it can host one of the gigantic battery plants of Europe, capitalizing on its skilled